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Novo produces 12,610 oz of gold in Australia in Q2 2022, in line with revised guidance

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(Kitco News) - Novo Resources (TSX: NVO) reported today that in Q2 2022, the company produced 12,610 oz of gold in Australia, which totals 25,988 oz Au for H1 2022 and is in line with revised guidance.

The company expects to produce 9–11 koz Au in Q3 2022 and an additional 1 koz Au via the drawdown of inventory through October 2022, assuming the company’s ability to manage any impact to operations from COVID-19.

Novo said that its cash balance as at June 30, 2022 was C$74.8 million, which will support ongoing and extensive exploration programs and completion of resource and extension drilling at the Beatons Creek Fresh mineral resource.

The company added it still awaiting a response from the Western Australian Environmental Protection Authority on requisite approval pathway to commence Phase Two operations of the Fresh mineral resource at Beatons Creek.

Importantly, according to a press-release, Beatons Creek Fresh mineral resource feasibility study progressing as planned and expected to be completed in Q4 2022.

"Q2 2022 and H1 2022 have been critical periods for Novo," commented Mike Spreadborough, Novo’s Executive Co-Chairman, Acting CEO, and director. "Despite operational setbacks with the Golden Eagle Plant in late May and the decision to pause operations at Beatons Creek, our safety and operational performance has been excellent, which is a credit to our operations team."

He added, "As outlined in our recent operations update, we have a detailed growth plan in place and are focused on delivering the feasibility study in Q4 2022, continuing aggressive exploration, and working with government on the approvals to restart Beatons Creek."

Novo operates its flagship Beatons Creek project while exploring and developing its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia.


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